§ 74-3. Bond or insurance required.

(a)

Every taxicab owner operating in the town shall file with the Board of Commissioners and keep in effect at all times policies of insurance with some company duly licensed by the insurance commissioner of the state to do business in the state, or provide a surety bond approved by the Board of Commissioners, with solvent surety, in the total amount or the penal sum specified herein, conditioned on the owner responding in damages for any liability incurred on account of any injury to persons or damage to property resulting from the operation of any taxicab operated by him in amounts as required by G.S. 20-280.

(b)

Judgements rendered; insurance policies and cancellations.

(1)

In the event that a judgment is rendered against any owner in any court of competent jurisdiction by reason of any accident for which the insurance policy or bond is herein provided, the owner shall, within 24 hours after the rendition of the judgment, increase the total amount of the insurance or the penal sum of the bond so that there shall be kept in effect, in the manner contemplated by law, insurance or bond upon which there has been no recovery of not less than the minimum provided herein.

(2)

No taxicab shall be operated within the town unless the insurance policy or bond herein provided for is on file with the Board of Commissioners and is in full force and effect, and unless a certificate thereof identifying the vehicle by motor serial number is carried in the cab and displayed upon demand of any police officer. Every bond filed hereunder shall contain a provision and every insurance policy filed hereunder shall contain a provision or have an endorsement that no cancellation thereof shall be effective until not less than five full days of 24 hours each have elapsed from the actual receipt of notice of the proposed cancellation by the Board of Commissioners.

(3)

The person to whom notice of cancellation is given as herein provided shall note thereon, in writing, the date and hour at which the notice of cancellation was received. If the taxicab owner who filed the bond or insurance policy as required by this section is still operating before the cancellation becomes effective, all taxicab operations by him in the town shall cease at the time the cancellation becomes effective, and his certificate of public convenience and necessity and other rights under this chapter shall be automatically suspended.

(Prior Code, § 38-100; Code 2015, § 111.03; Ord. of 4-12-1993)